Exactly. And it's not only for the european countries...
China and Brazil have already "warned" us, europeans, to put and end to this joyfull game, and have the balls to do what's it's needed, because it'll end the worse way even for "them". China's growth speed is already slowing down. And Brazil's too. This is the worst that could happen now.

Agreed. And China has it's own problems too, including a real estate bubble, and that construction makes up a significant majority of it's economy (much larger than exports, contrary to popular belief).

China consumes 45% of the world's coal (not of the world's total energy, as I incorrectly stated earlier), and 11% of the world's oil, of which demand is growing at 60%/year. This is why I predicted an energy price collapse in 2012.

Agreed. And China has it's own problems too, including a real estate bubble, and that construction makes up a significant majority of it's economy (much larger than exports, contrary to popular belief).

China consumes 45% of the world's coal (not of the world's total energy, as I incorrectly stated earlier), and 11% of the world's oil, of which demand is growing at 60%/year. This is why I predicted an energy price collapse in 2012.

China has the opposite issue of Europe.
While most Euro countries - with the exception of Germany - have a much stronger currency than their real economic power and than their old currency (and there was an article last week that showed that if Euro countries had to get back to their old currencies, Germany would be the only country that would have the Mark stronger than the Euro, which proves that, not only the Euro is overrated, but it was made at the Mark's image), China, despite its economical explosion over the last two decades, on the last 15 years, the Yuan only valued the equivalent to 7%, which means that, because the Yuan has been "monstruously" artificially devalued, if any of these economic giants collapse, China - who's supporting all this by, for example, buying most of american's debt - won't be able to hold it anymore (not to mention it won't obviously hold its growing economical and financial dominance).

My 10 predictions (or wishes......), bearing in mind that all of these have to happen in the space of a year before we're all made extinct.....

1. Israel and the Palestinians sit down to negotiate final status. The borders are approved, the peace treaty is signed and the new country of Palestine is welcomed into the United Nations with Israel leading the standing ovation in the general assembly.

2. Ahmadinejad sees the error of his ways, dismantles his nuclear weapons facilities and turns them into factories for the production of clothing and toys which are then exported around the world, with the largest clients being the United States and Israel.

3. Hamas realizes that their 20-odd year armed struggle against Israel was pointless and they become part of the Palestinian leadership, joining in the peace treaty with Israel.

4. In 2013, President Newt Gingrich is invited to Tehran for the ceremony welcoming the first Israeli ambassador to that country.

5. All middle-east countries sign peace treaties with Israel. There is a free exchange of goods and tourism - with the main attraction being a one-month package tour of Cairo, Tel-Aviv, Amman, Damascus and ending with Beirut.

6. North and South Korea tear down their borders and reunite the country to be named The Democratic State of Korea.

7. Following the example of Israel and the Palestinians, a global conference is held in which all nations of the world sign peace treaties with each other and the western nations all pledge to help less fortunate countries build their economies.

8. An amateur scientist working in his/her basement stumbles onto a formula that can cure AIDS and Cancer with one pill.

1) Islamists will kill more Muslims than the U.S. military
2) Hugo Chavez or Fidel Castro will die
3) Sean Penn will grieve
4) Under pressure, Eric Holder will step down as Attorney General
5) Fox News' domination of cable news will continue
6) FYM will again go through the denial, anger, bargaining and depression stages of grief. But never acceptance.
7) George Allen will not say "macaca" and the GOP will retake the senate.
8) The vice-presidential half of the GOP ticket will not come from the field running for president. I wish I could predict the same for the presidential half.
9) The Jon Corzine/MF Global scandal will continue to be ignored as it doesn't fit the twin narratives of, "the GOP is the party of Wall St" and "Dodd-Frank fixed our financial problems."
10) Indianapolis will be labeled, "The most boring city to host a Super Bowl." Duh!

11) Maybe not a prediction but certainly a wish. That everyone reading this will have a happy, healthy and prosperous and 2012.

1. Europe survives, but the British feel ever more isolated and it's the beginning of the end of the Euro
2. Obama wins handily, unemployment still not below 8%
3. U2 releases an album in late November, arena tour to follow in March; it's a good album, but it's very much a U2 album; it's the beginning of the end
4. China slows down, the US feels better
5. Prop 8 is overturned in CA
6. Sarkozy is not reelected
7. summer is, again, one of the hottest on record
8. the Affordable Care Act becomes increasingly popular
9. Michael Phelps and Ryan Lochte put on the greatest show in Olympic swimming history; when the waters settle, Phelps will have 6 golds, 1 silver, Lochte will have 3 golds, 3 silvers
10. Meryl Streep finally wins her 3rd Oscar

1 down (#5) 9 more to go.

looks like i'm wrong on #3, and possibly #10 (Viola Davis looking good), and perhaps even #2 as unemployment may drop below 8% by summer.